US Treasury Sanctions 35 Entities Under 'Operation Economic Fury' — Iran Shadow Banking Network Targeted

The US Treasury Department announced on April 28, 2026 the sanctioning of 35 entities and individuals tied to Iran's 'shadow banking' network as part of a program called Operation Economic Fury — complementing the military Operation Epic Fury. The sanctions targeted private 'rahbar' companies used by the IRGC, the National Iranian Oil Company (NIOC), and previously sanctioned Iranian banks to execute international payments via shell companies and front businesses, effectively routing around earlier US financial restrictions. A previous sanction had targeted a Chinese 'teapot' refinery for purchasing billions of dollars in Iranian crude through these networks. The Treasury action was the most comprehensive assault on Iran's financial infrastructure since the conflict began and reflected Washington's strategy of using economic pressure — blockade plus financial warfare — as the primary lever to force Iranian capitulation on the nuclear issue. Iranian state media condemned the sanctions as 'economic terrorism.' The action came the same day Trump rejected Iran's Hormuz reopening proposal and directed preparation for an extended blockade, signaling the US was intensifying pressure across all dimensions rather than moderating in response to Iran's diplomatic overture.